If you are looking at a 30 yr fixed DSCR, high 8s-10s depending on LTV, PPP, and Unit Count Rates highly depend on the type of loan and your qualifications.

I wouldn’t want to hold the loan for too long, so ideally it would be a 5 year term, presumably ballon payment at the end.

It's not over until the end of their lease term, or the rerenting of their unit earlier, or the remaining tenant agreeing to accept 100% responsibility for the unit.

At year end you’ll get a summary and a tax form.

The main issue I have is contemplating the baloon payment at the end of the 2nd year and refinancing the remainder with a bank...how can I compute that into calculating the IRR?

At the end of the day, it’s a big decision choosing who to invest with, but the academy is very enticing.  

That leaves me with 2 houses, both rented but one of them needs to go too.All this is close to the end of a dead end street.

In addition, while the umbrella did not end up having to pay out, having it meant I did not stress about it at all.  

Well, I wouldn’t go that far, people throw that word around too much these days but I would say they made a lot of promises that they haven’t kept and paint a very unrealistic picture with an extremely high pressure sales scheme that does a disservice to the vast majority of their students.

Looking at this past week's CMI, it's interesting to see the buyer/seller positioning in the SE-ish area compared to the NW-ish area with rates high 6's in JanuaryStill bullish on W/NW future demand due to TSMC factory and other companies (dashboard snapshot below) but time will tell.